Types of taxes in US?

Question

Major types, additional information

Answer 1

income
property
sales

there are hundreds, if not thousands, of specific types within these groups.

Answer 2

1. Federal taxes on income, whether earned or not, beyond a certain limit (exemptions, which are usually a few hundred dollars per kid) defined by your family size, the fact that it is you and a significant other, the fact that you are living alone, or the fact that you can be claimed as an exemption by someone else (usually a parent, based on your age, how you are related to them, how much money you have earned, and whether or not you are disabled).
2. State taxes on income, except for some states, whether earned or not, if they exceed your exemptions, which are also tiny)
3. Some states (Maryland) let counties and/or cities assess income taxes (Prince George's County income taxes)
4. Some states, and sometimes counties or cities, sales taxes (Arlington County on top of Virginia sales taxes). Some states do not have a sales tax and some do not let their cities and/or counties have additional local sales taxes.
5. Every state with a sales tax has a use tax. Non-retail food and non-food purchases from out-of-state sources and brought into the state, usually beyond a certain limit ($100 for Virginia), are taxed as though they were purchased in state. States (I recall Maryland and West Virginia specifically indicate) usually let you subtract the sales tax (if the state of the vendor has a smaller sales tax rate) you paid from your use tax due (example: if you are a West Virginian who pays 6% sales tax and you paid 5% in neighboring Maryland or Virginia, only 1% would be due to West Virginia). Items that never entered the state are not subject to use tax (but please verify, for example, who cares if you ate a steak in a neighboring state)? The same things exempt from sales tax are generally exempt from use tax too (postage, prescription drugs), some states do not tax out-of-state gasoline purchases (VA, otherwise other states: well, you did bring back most of it when you drove back in, right?) Sales and use taxes vary by state, making Internet purchases hard for vendors to charge tax on, but make no mistake, the intent of use taxes is to help protect vendors who are required to charge sales tax. States are considering a single rate for all of themselves. Essentially unenforceable, widely misunderstood or not paid, on the honor system, essentially, although theoretically, computers could tie your credit card and debit card purchases to the Social Security Number your card company has on file.
6. Property taxes by county. Land and buildings.
7. Some states and counties (Virginia used to have a car tax, now the cities and counties charge a tax) charge a tax for motor vehicles, too.
8. Sometimes the Federal government taxes some types of income (investments) at a lower rate than "earned income". Many people complain that they are taxed twice or more: first on earned money, and then when the stocks or funds they buy with that money yield a return.
9. Your telephone service, and possibly other utilities (Internet, electric) are taxed, too, with small taxes for Federal and state.

A Federal sales tax has been proposed as an alternative to the confusing income tax system, but would give wealthier people a greater Federal tax break than they deserve (Federal and other income tax rates generally increase as income increases).

Many people have estimated that the total tax burden is sizable (you would have to work from January 1 to sometime in April or May to pay all taxes in a given year, then after April or May, is what is left for you).

Answer 3

there are many types if u want any information just go through the following sites

Answer 4

Let's see:

Income tax -- your wages are taxed by the Federal Government and the state government (and possibly a city government) and that money is supposed to go to Federal, state, and city programs that benefit everyone. How much tax you pay depends on how much you make. The more you make, the more tax you pay.

Capital gains tax -- When you invest money in stocks, bonds, mutual funds, etc., and you make money on them, you have to pay tax on what you made once you cash them in. Standard Federal capital gains tax is 37% of your profit (but if you sell stocks, bonds, mutual funds, etc. at a loss, you can deduct it from your annual income taxes as a capital loss).

Interest income tax -- If you have savings accounts and you earn interest, you have to pay tax on that interest every year.

Property tax -- you pay annual taxes on your home, if you own or are mortgaging it, based on the taxable value of the home, and those taxes go to your city/township for things like schools, roads, water/sewer, salaries for city/township employees, etc.

Sales tax -- Every state has its own sales tax (except for the few states that have NO state tax) and some cities also have sales tax. Any time you buy goods like groceries, electronics, household items, etc., sales tax is added to the cost of the purchase. That money goes directly to the state (and city, if there is a city tax). Sales tax usually runs from 3% to 9%, and city tax, which is added on top of that, runs from 1% to 4%.

Service tax -- Exactly like sales tax except that it's applied to services instead.

Gasoline tax -- The price Americans pay at the pump also includes Federal and state tax (and city tax in many cases).

Cigarette tax -- Every pack of cigarettes sold in the U.S. is heavily taxed by the Federal Government. They claim it's to deter smokers with higher prices, but in reality it's just another way for our big government to make more money.

Luxury tax -- Certain items that are considered luxuries like yachts, certain cars, furs, expensive jewelry, etc., has another tax added on over and above the sales tax because these items are considered luxury items. That money goes to the Federal Government.

Gas-Guzzler Tax -- Vehicles that fall below a certain EPA rating for miles per gallon (I think it's anything that gets below 15 MPG highway) also has another tax added on over and above the sales tax because it's not fuel efficient. That money also goes to the Federal Government.

Give me a while and I may be able to think of some more...

Answer 5

try any of these sites

tax.yahoo.com
taxes.yahoo.com